Market Overview

UPDATE: FIG Partners Downgrades FirstMerit Corporation to Market Perform on Price Appreciation

Related FMER
Baird Now Neutral On Huntington Bancshares Following 30% Surge Since January Lows
The Numbers That Matter For Each Big Bank This Quarter

FIG Partners downgraded FirstMerit Corporation (NASDAQ: FMER) from Outperform to Market Perform and announced a $16.00 price target.

FIG Partners commented, "We are lowering our investment rating on FMER to ‘Market-Perform' based on recent price appreciation. The stock is up ~ 10% since being upgraded in October. This outperforms the three major bank indexes. … Taking the 4th quarter results into account we are lowering our 2013 EPS estimate by $0.05 to $1.20. This adjustment primarily reflects our expectations for a lower margin and lower net interest income. Additionally, we are initiating our 2014 EPS estimate at $1.37 per share. This reflects the first full-year of the combined Company."

FirstMerit Corporation closed at $15.42 on Tuesday.

Latest Ratings for FMER

Apr 2016BarclaysMaintainsOverweight
Jan 2016RBC CapitalDowngradesOutperformSector Perform
Jan 2016Hovde GroupInitiates Coverage onMarket Perform

View More Analyst Ratings for FMER
View the Latest Analyst Ratings

Posted-In: FIG PartnersAnalyst Color Downgrades Intraday Update Analyst Ratings


Related Articles (FMER)

View Comments and Join the Discussion!

Partner Center